"These redundancies are part of a wider, strategic cost reduction exercise to ensure the firm's ongoing, competitive market position," the company said in a statement. "Where possible, the firm will consider redeployment opportunities for staff and will seek to provide any necessary support to those affected during this period of change."
The commercial and residential markets in England are going through a correction, said company officials. This has been moving forward all year, as company officials said at the MIPIM 2008 show in France in March that UK investment turnover will be down 30% to 40% in 2008. Tony Horrell told GlobeSt.com that he expected investment transaction volumes across Europe to be down 25% from last year.
Company officials are saying that the England market has turned more toward value-add. Residential home prices are expected to fall by 15% throughout the United Kingdom by December, according to JLL research, and slower demand and a boost in supply have caused commercial rents to fall in both the West End and the City markets.
Company officials refused further comment. The firm has about 60 offices in 24 European countries.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
